Fortum wins bid for 100 MW solar power park in a reverse auction in Karnataka, India, with a fixed tariff for 25 years

4/13/2016 09:14 EET

FORTUM CORPORATION ONLINE NEWS 13 April 2016

Fortum has won bid in the reverse auction process conducted by NTPC on 12th April 2016 for the selection of 500 megawatt (MW) grid connected solar PV projects under Batch II Tranche I of JNNSM phase II. Fortum secured 100 MW in this bid. The solar power plant will be built in Pavagada Solar Park in Tumkur District Karnataka in India with a fixed tariff of 4.79 INR/kWh for 25 years.

“We are excited to become a successful bidder in the reverse auction process. Solar has always been a focus area for Fortum in India. The country provides a good platform for Fortum to further develop its business in solar also elsewhere. Fortum seeks to allocate of its planned growth capital in the range of EUR 200 - 400 million in solar projects in India”, Sanjay Aggarwal, Managing Director, Fortum India said.

Fortum currently has 15 megawatts of solar capacity in India. In January 2016, Fortum won a reverse auction for a 70 MW project with a fixed tariff for 25 years.

FortumFortum's vision is to be the forerunner in clean energy. We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000 energy sector professionals, and our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com